Ontario’s car insurance regulator, the Financial Services Regulatory Authority (FSRA), published its rate filing decisions for February 2021.
Two insurers were approved by FSRA to adjust their rates in February – one a modest increase and the other a decrease. In January 2021, FSRA allowed three insurers to decrease their rates.
The February numbers show, on average, the overall impact on the Ontario auto insurance market based on insurer market share is an increase of 0.03% in February 2021.
Here are the rate changes approved by FSRA in February 2021:
|Insurer||Rate Increase or Decrease %||Insurer Market Share||Effective Renewal Date|
|The Co-operators||0.34%||7.64%||February 7, 2021|
|Portage la Prairie Mutual||-0.03%||0.17%||February 1, 2021|
You can track every insurer’s rate changes with RATESDOTCA’s Ontario Auto Insurance Rate Tracker. Our Rate Tracker allows you to select the insurance companies that have had a rate change approved in the last year from a dropdown menu, and find out what the percentage rate change is, as well as the effective date of the change.
There are several factors insurers consider when determining your premium. For example, your driving record, insurance history, the type of vehicle you have and how many kilometres you drive annually all figure into the equation. So too do things such as your age, gender, marital status, and where you reside.
Car insurance rates change frequently. Taking the time to compare policies and premiums for free is the best way to know if you’re getting the best price for the coverage you need.